This paper surveys the evidence on the effectiveness of monetary transmission in low-income countries. It is hard to come away from this review with much confidence in the strength of monetary transmission in such countries. We distinguish between the "facts on the ground" and "methodological...

VAR methods suggest that the monetary transmission mechanism may be weak and unreliable in low-income countries (LICs). But are structural VARs identified via short-run restrictions capable of detecting a transmission mechanism when one exists, under research conditions typical of these...

We examine the strength of monetary transmission in India, using a conventional structural VAR methodology. We find that a tightening of monetary policy is associated with a significant increase in bank lending rates and conventional effects on the exchange rate, though pass-through to lending...

The paper uses finance and agency theory to establish two main propositions: First, that the conditionality attached to adjustment programs supported by the IMF is justified. Second, that ownership of programs by the borrowing country is crucial for their success. Hence, since both IMF...

The paper provides an overview of the profound and rapid changes in banking brought about by technology and deregulation, and discusses the hurdles that will have to be negotiated for putting in place the three pillars - capital adequacy rules, supervision, and market discipline - of the bank...

Le preacute;sent document expose les aspects theacute;oriques et empiriques de la relation entre les politiques macroeacute;conomiques et le taux de croissance agrave; long terme du PNB. Les politiques macroeacute;conomiques examineacute;es ici sont les politiques budgeacute;taire, moneacute;taire et de...

This paper reviews the existing evidence on the macroeconomic effects of Fund-supported adjustment programs, and provides new estimates of these effects for 67 developing countries with programs during 1973-86. The empirical analysis indicates that in the short run programs have led to an...

This paper describes developments in the balance of payments of Pakistan during 1972-86, focusing particularly on the factors that gave rise to external payments problems and the macroeconomics policies that were adopted by the authorities. While performance on the growth and inflation fronts...

This paper reviews the theoretical and empirical aspects of the relationship between macroeconomic policies and the long-run rate of growth of GNP. The macroeconomic policies examined include fiscal policies, monetary and interest rate policies, external policies, and policies to reform the...

This paper examines the extent to which there has been convergence in real per capita incomes across developing countries during the last two decades. In the analysis particular emphasis is placed on the separate roles played by private and public sector investment in determining both the extent...